Latest Deals

Gold pieces. Credit: New Africa via Shutterstock

HighGold Mining has reached an agreement to spin out properties in Ontario and Yukon, Canada, to its new Canadian-focused exploration subsidiary Onyx Gold.

Under the agreement, existing HighGold shareholders will receive one common share in the capital of Onyx Gold for every four shares held in HighGold.

HighGold said that the spin-out will be carried out through a plan of arrangement. It intends to list Onyx Gold on the TSX Venture Exchange. 

Australia-based Aldoro Resources has signed a binding heads of agreement to acquire an 85% stake in mineral permits EPL 7373; EPL 7372; and EPL 7895. The agreement was signed with Logan Exploration and Investments and Okonde Mining and Exploration. Aldoro Resources chairman Troy Flannery said: “We are comfortable with the project’s location in Namibia, which is ranked by the Fraser Institute as the second most favourable jurisdiction ... on the Policy Perception Index across the African continent.”

Gold Fields has agreed to form a joint venture with AngloGold Ashanti to create what they claim to be Africa’s biggest gold mine. The joint venture will combine Gold Fields’ Tarkwa gold mine and AngloGold Ashanti’s adjacent Iduapriem gold mine. The two mines are located near the town of Tarkwa in the west of Ghana. Gold Fields currently owns a 90% stake in Gold Fields Ghana, which owns the Tarkwa Mine. 

First Quantum Minerals‘ Panamanian subsidiary Minera Panamá SA, and the Panamanian government have agreed to settle their profit-sharing dispute at the Cobre Panamá mine. Under the draft concession agreement, First Quantum will pay $375m and another $20m to cover taxes and royalties. Effective this year, the deal provides for a minimum annual income of $375m to the Panama government.